By Colin Kellaher
Hoth Therapeutics on Friday said it has ended plans to combine with privately held Algorithm Sciences in a reverse merger.
Hoth, a New York biopharmaceutical company, said the companies determined that they couldn’t reach a definitive agreement and that it was their best interests to continue to operate separately.
The deal would have left Hoth shareholders owning about 14% of the combined company, while investors in Algorithm, a company focused on pulmonary arterial hypertension, would have owned the bulk of the merged entity.
Hoth said it plans to focus on its current pipeline, adding that it has more than $12 million on its balance sheet that will carry the company through more than a year of development.
Trading in shares of Hoth, which closed Thursday at $1.60, was halted premarket on Friday.
Write to Colin Kellaher at [email protected]
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